The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Thu, May 19, 2022 | 20:38
Business
Workers Over 40 Takes 56% of Workforce
Posted : 2008-03-20 16:52
Updated : 2008-03-20 16:52
Print Preview
Font Size Up
Font Size Down

By Lee Hyo-sik
Staff Reporter

The number of workers aged over 40 has increased at a fast pace in recent months amid the rapidly aging population and low birthrates, while those in their 20s and 30s is declining, making the country's labor force less vital.

According to the National Statistical Office (NSO) Thursday, employees over 40 rose 3.5 percent to 13.2 million at the end of last year from a year earlier, accounting for 56.4 percent of the total workforce. The ratio was up from 55.1 percent in 2006 and 53.7 percent in 2005.

The overall number of employed in all age groups stood at 23.4 million on average in 2007, up 1.2 percent from 23.1 million a year ago.

In particular, 50-somethings accounted for 17.5 percent of the total, up from 16.6 percent in 2006 as the number of workers in their 50s jumped 6.7 percent to 4.1 million during the one year-period. Also, the rate of 60-somethings came to 11.2 percent, up from 10.8 percent a year earlier, as workers in their 60s increased 4.6 percent to 2.6 million.

On the contrary, employees in their 20s accounted for 17 percent of the total workforce in 2007, down from 17.6 percent, as workers aged 20-29 fell 1.7 percent to 4 million. Also, those in their 30s fell 1.6 percent to 6 million over a year ago, accounting for 25.8 percent of the country's labor force, down from 26.5 percent a year earlier.

``With the rapidly aging population, a growing number of older Koreans, including retirees, are entering the labor market as they are forced to keep on working due to inadequate retirement savings. Also, a larger number of the elderly decide to get jobs for reasons other than financial, including health benefits,'' an NSO official said. He said the majority of older workers engage in lowly paid positions, usually involving manual labour in the services sector.

However, the number of workers in their 20s and 30s have been falling as companies do not generate enough jobs of the kind sought after by young people.

``The number of jobless among the 20- and 30-somethings has increased over the years as they tend to shy away from low paying labor intensive jobs in the manufacturing and services sectors. Instead, they choose to stay home and do nothing, discouraged by the competitive job market and a shortage of decent jobs,'' the official said.

According to the statistical office, the number of ``idle'' men and women who are voluntarily unemployed reached an all-time high of 1.63 million in February, up from 1.56 million a year earlier.

Also, the number of college graduates and others studying or training to get jobs also reached an all-time high of 607,000 last month ― up 86,000 from a year earlier ― reflecting the country's tight job market.

Many university graduates are studying longer to get decent work that offers higher salaries and greater job security. But the number of such jobs has decreased or become harder to get because of intensifying competition among college graduates and workers.

Also, with the economy become more capital and technology-centered, there are fewer jobs of choice available for young people and companies are expanding their activities overseas.

leehs@koreatimes.co.kr
 
  • People in North Korea trapped in famine and pandemic [PHOTOS]
  • Kim says Chinese permanent residents should be stripped of right to vote in Korea
  • Anti-LGBTQ sentiment widespread in Korea: survey
  • South Korea to join US-led Indo-Pacific economic initiative
  • CJ, Ottogi uneasy about Harim's tactics to sell new cooked rice
  • Protecting Korea's semiconductor leadership
  • [INTERVIEW] Yoon's efforts to bolster Korea-US alliance will inevitably disturb China
  • North Korea asks China, Russia for help amid COVID crisis: reports
  • Luna debacle casts ripple effect over Korean stocks
  • Fear of deadliest famine in 1990s haunts North Korea amid national lockdown
  • Le Sserafim member Kim Ga-ram's bullying allegations resurface Le Sserafim member Kim Ga-ram's bullying allegations resurface
  • PSY's first boy group TNX makes much-anticipated debut with EP 'Way Up' PSY's first boy group TNX makes much-anticipated debut with EP 'Way Up'
  • Girls' Generation to make comeback in August after five years Girls' Generation to make comeback in August after five years
  • Musical 'Beethoven' to hit stage next year Musical 'Beethoven' to hit stage next year
  • 'Doctor Strange 2' tops 5 million admissions 'Doctor Strange 2' tops 5 million admissions
DARKROOM
  • People in North Korea trapped in famine and pandemic [PHOTOS]

    People in North Korea trapped in famine and pandemic [PHOTOS]

  • 2022 Pulitzer Prize: Bearing witness to history

    2022 Pulitzer Prize: Bearing witness to history

  • Worsening drought puts millions at risk

    Worsening drought puts millions at risk

  • Our children deserve the best

    Our children deserve the best

  • End of mask mandates

    End of mask mandates

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group